Oil and gas producer Ovintiv — formerly known as Encana — says it has slashed its workforce by 25 per cent as it prepares for more modest growth in the energy sector. The company said its workforce will now total 2,100, including 1,900 employees and 200 contractors. It's the second major workforce reduction by the company in a little over a year. In February, 2019, Encana announced it had cut its total workforce by 15 per cent and reduced its ranks of executives by 35 per cent. Ovintiv stock was up more than eight per cent on the Toronto Stock Exchange on Thursday, climbing to $15.56 a share.

Source: CBC News June 18, 2020 22:41 UTC